(Sharecast News) - Major indices closed lower on Wednesday as investors continued to weigh the latest non-farm payrolls reports ahead of tomorrow's consumer price index.
At the close, the Dow Jones Industrial Average was down 0.47% at 47,885.97, while the S&P 500 shed 1.16% to 6,721.43 and the Nasdaq Composite saw out the session 1.81% weaker at 23,693.32.
The Dow closed 228.29 points lower on Wednesday, extending losses recorded in the previous session.
US jobs data, released on Tuesday, was still in focus on Wednesday after showing a sharp contraction in October, followed by modest growth in November. According to the Bureau of Labor Statistics, nonfarm payrolls fell by 105,000 in October, while the unemployment rate climbed to 4.6% - the highest since September 2021. November's report, however, pointed to a gain of 64,000 jobs, ahead of consensus forecasts for a 45,000 increase.
On Wednesday's macro slate, US mortgage applications fell 3.8% week-on-week in the seven days ended 12 December, according to the Mortgage Bankers Association, following a 4.8% increase in the previous week to mark the biggest drop in a month. Applications to purchase a home declined 2.8%, while applications to refinance a home loan sunk 3.6%.
Elsewhere, Federal Reserve governor Christopher Waller said on Wednesday the central bank still has room to cut interest rates amid rising job market weakness. "I still think we're probably, you know, maybe we're 50 to 100 basis points off of neutral," said Waller, adding that, given the outlook, "there's no rush to get down" on interest rates.
Atlanta Federal Reserve president Raphael Bostic said that GDP growth was "solid", something he expects to see that continue in 2026, and added that hopes a stronger economy will take pressure off the job market. "Fed policy won't be helpful for structural jobs changes," said Bostic. "It's close call, but inflation is more worrying than jobs."
In the corporate space, multinational food manufacturer General Mills said quarterly profits had fallen amid price cuts, but reaffirmed its full-year outlook, while semiconductor firm Micron Technology revealed AI demand acceleration helped it deliver record first-quarter revenues and its highest ever free cash flow.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Chevron Corp. (CVX) $149.37 1.89%
Procter & Gamble Co. (PG) $147.82 1.79%
McDonald's Corp. (MCD) $319.03 1.33%
Salesforce.Com Inc. (CRM) $259.53 1.27%
Home Depot Inc. (HD) $356.91 1.15%
Dow Chemical Co. (DOW) $23.10 1.01%
Merck & Co. Inc. (MRK) $99.19 0.93%
Travelers Company Inc. (TRV) $289.80 0.57%
Johnson & Johnson (JNJ) $210.94 0.49%
Coca-Cola Co. (KO) $70.64 0.43%
Dow Jones - Fallers
Caterpillar Inc. (CAT) $560.71 -4.59%
Intel Corp. (INTC) $36.05 -3.38%
Nike Inc. (NKE) $66.03 -2.13%
Cisco Systems Inc. (CSCO) $76.58 -2.00%
American Express Co. (AXP) $377.00 -1.35%
Apple Inc. (AAPL) $271.84 -1.01%
Walt Disney Co. (DIS) $110.84 -0.89%
Goldman Sachs Group Inc. (GS) $870.51 -0.78%
Unitedhealth Group Inc. (UNH) $332.06 -0.77%
3M Co. (MMM) $162.21 -0.63%
S&P 500 - Risers
Devon Energy Corp. (DVN) $36.72 5.30%
FMC Corp. (FMC) $13.77 4.71%
ConocoPhillips (COP) $94.36 4.62%
Occidental Petroleum Corp. (OXY) $40.69 4.39%
Chipotle Mexican Grill Inc. (CMG) $37.46 3.76%
General Mills Inc. (GIS) $48.69 3.38%
Diamondback Energy Inc. (FANG) $154.07 3.36%
Motorola Solutions Inc (MSI) $375.36 2.93%
Mid Amer Apt Commun (MAA) $137.30 2.93%
Eog Resources Inc. (EOG) $104.51 2.91%
S&P 500 - Fallers
Nektar Therapeutics (NKTR) $46.74 -7.59%
NRG Energy Inc. (NRG) $148.53 -6.66%
CenturyLink Inc. (LUMN) $7.61 -5.80%
Quanta Services Inc. (PWR) $414.96 -5.53%
Oracle Corp. (ORCL) $178.03 -5.40%
Advanced Micro Devices Inc. (AMD) $204.85 -5.29%
Brown Forman Corp. Class B (BF.B) $28.72 -5.16%
Lam Research Corp. (LRCX) $154.98 -5.07%
Western Digital Corp. (WDC) $166.26 -4.76%
Fluor Corp. (FLR) $40.85 -4.67%
Nasdaq 100 - Risers
Gilead Sciences Inc. (GILD) $121.36 2.17%
Comcast Corp. (CMCSA) $30.32 1.98%
Adobe Systems Inc. (ADBE) $354.66 1.95%
Gen Digital Inc. (GEN) $27.90 1.88%
Trip.com Group Limited (TCOM) $71.85 1.35%
Marriott International - Class A (MAR) $308.95 1.34%
Paychex Inc. (PAYX) $116.70 1.28%
eBay Inc. (EBAY) $82.71 1.27%
Automatic Data Processing Inc. (ADP) $265.47 1.26%
Sirius XM Holdings Inc (SIRI) $21.79 1.21%
Nasdaq 100 - Fallers
Asml Holdings N.V. (ASML) $1,015.43 -5.63%
Lam Research Corp. (LRCX) $154.98 -5.07%
Western Digital Corp. (WDC) $166.26 -4.76%
Tesla Inc (TSLA) $467.26 -4.62%
Broadcom Inc. (AVGO) $328.39 -4.48%
KLA-Tencor Corp. (KLAC) $1,172.02 -4.20%
Applied Materials Inc. (AMAT) $248.27 -4.08%
Nvidia Corp. (NVDA) $173.02 -3.81%
Qvc Group Inc Series A (QVCGA) $11.11 -3.81%
Seagate Technology Plc (STX) $277.65 -3.64%
63.45 (0.65%)
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